HMRC proposes swingeing new sanctions to combat tax evasion

ICAEW: Taxpayers with offshore investments and accounts could face penalties of up to three times the amount of tax they owe under tough new anti-tax evasion proposals published on 24 August.

Full story: http://economia.icaew.com/news/august-2016/hmrc-wants-swingeing-new-sanctions-to-combat-tax-evasion

Menzies breaks £40m barrier

ICAEW: Top 20 firm Menzies has broken through the elusive £40m turnover barrier.  Following its merger with Harris Lipman in July, the firm’s latest figures reveal that it hit £40m for the first time in 2015-16, a 20% increase on last year, of which 6% is organic growth, the firm said today.

Full story: http://economia.icaew.com/news/august-2016/menzies-breaks-40m-barrier

UK tax authority consults on new offence of 'failing to correct' offshore non-compliance

STEP: HM Revenue & Customs (HMRC) has announced proposals for further enforcement sanctions against taxpayers who fail to put their existing or previous offshore affairs in order.

Full story: http://www.step.org/news/uk-tax-authority-consults-new-offence-failing-correct-offshore-non-compliance

Duke of Westminster and IHT – a tragedy from all perspectives

Accountancy Age: The death of Gerald, Duke of Westminster is a tragedy on many levels.  He was a family man with a huge sense of duty, who managed his family’s affairs with discretion.

We have seen many headlines suggesting that the family are dodging IHT on his death estate.  As barely a few weeks have elapsed since his demise, no one knows the true value of his personal estate and the amount of IHT that will have to be paid.

Full Story: https://www.accountancyage.com/2016/08/24/duke-of-westminster-and-iht-a-tragedy-from-all-perspective/

Trump refuses to publish tax returns

CCH Daily: Donald Trump, Republican presidential nominee, continues to refuse to publish his tax returns using the defence of currently being under audit by the Internal Revenue Service (IRS), despite politicians, voters and influential business leaders, putting pressure on him.

Full story: https://www.cchdaily.co.uk/trump-refuses-publish-tax-returns

HMRC to open its first regional office in Croydon

ICAEW: HMRC is set to open its first regional office in Croydon next year after signing a 25-year lease in a building in Ruskin Square.  It is the first of 13 regional centres that HMRC intends to open across Britain, as part of its ten-year modernisation programme “to create a tax authority fit for the future”.

Full story: http://economia.icaew.com/news/august-2016/hmrc-to-open-its-first-regional-office-in-croydon

Bakers elects tax partner Chadwick as London head

The Lawyer: Baker & McKenzie has elected tax partner Alex Chadwick to lead its London office for a three-year term.

Full story: https://www.thelawyer.com/issues/online-august-2016-2/baker-mckenzie-elects-tax-partner-chadwick-london-mp/

IHT receipts at record £4.7bn

CCH Daily: HMRC figures show inheritance tax (IHT) receipts have hit their highest level since the current system was introduced in March 1986, totalling some £4.7bn in 2015-16, an increase of 22% compared to 2014-15, and almost double the normal annual growth pattern.

Full story: https://www.cchdaily.co.uk/iht-receipts-record-ps47bn

Owen Smith: I’ll make rich pensioners pay more tax

iNews: Owen Smith has promised to 'radically re-design' how people's pensions are taxed to make the richest pay more if he wins the Labour leadership election and becomes Prime Minister.

Full story: https://inews.co.uk/essentials/news/politics/owen-smith-ill-make-rich-pensioners-pay-tax/